Galaxy Plans to Raise $100M for Crypto Venture Fund

Galaxy Digital’s venture team has long invested its own money in crypto companies. Now, it’s planning to do that with outside investors’ capital, too.

The crypto investments giant is putting together a $100 million fund that will invest in early-stage crypto companies, according to an investor email shared with CoinDesk. Galaxy moved its venture capital franchise into its asset management business in 2023.

Called Galaxy Ventures Fund I, LP, the fund aims to invest in as many as 30 startups over the next three years, with checks starting at $1 million. It will target financial applications, software infrastructure and protocols built on crypto, the email said.

The new fund “will continue the success of our proprietary balance sheet investing but through a direct, institutional-grade fund,” the email noted.

Galaxy is already a prolific investor in crypto companies; according to the email, it invested $200 million into more than 100 projects over the past six years. While Galaxy’s Interactive team has taken outside capital previously, this is a first for the venture team.

“We’re excited to build on our successful track record of investing in digital asset ventures and blockchain infrastructure. For years, we’ve been putting our own capital behind these innovators. Now we’re launching Galaxy Ventures Fund I LP to partner with outside investors, allowing us to continue fueling the digital asset ecosystem by backing promising early-stage ventures,” said Mike Wursthorn,Galaxy’s head of communications.

UPDATE (April 4, 05:45 UTC): Adds statement from Galaxy.

CORRECTION (April 3, 07:30 UTC): Corrects to clarify that Galaxy has previously taken outside capital through its Interactive division.